Official: Russia’s Sukhoi Log field auction expected in 2016

MOSCOW, Mar 15 (PRIME) -- An auction for the largest non-developed gold field Sukhoi Log, earlier postponed from January–March, is expected to take place in 2016, Deputy Prime Minister Alexander Khloponin told reporters on Tuesday.

“I believe in this too, we need this,” Khloponin said, when asked whether Sukhoi Log can be auctioned in 2016.

“We are now in negotiations with potential investors since this is too complex a project for a single investor, from the point of view of compliance,” Khloponin said.

He said that the government will prioritize Russian investors.

Sukhoil Log’s resources are estimated at around 130 million ounces. The starting price for the field may amount to around 5 billion rubles.

(70.1542 rubles – U.S. $1)

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